“Our range of online financial calculators have been specifically designed to address fundamental consumer concerns like rate rises and how they affect investments and debt levels,” said Rohan Gamble, managing director, mozo.com.au.
(PRWEB) May 10, 2010
Building on its reputation for developing award-winning* online tools, financial comparison website, mozo.com.au, has announced the launch of its range of intuitively designed online financial calculators.
Covering all areas of personal finance from home loans, credit cards and managing debt, savings, through to tax and general budgeting, the free online financial calculators offer consumers a simple-to-use interface and make understanding complex financial calculations easier.
“Australia is currently in a rate rise environment and every homeowner and credit card holder is paying close attention to interest rates,” said Rohan Gamble, managing director of mozo.com.au. “Our range of online financial calculators have been specifically designed to address fundamental consumer concerns like rate rises and how they affect investments and debt levels.”
Mozo.com.au is the first company to develop an exclusive Rate Change Calculator, which enables consumers to view their home loan repayments should rates rise. For first home buyers and new home buyers, the Mozo Home Loans Borrowing Calculator, enables consumers to assess the impact rate rises will have on their borrowing capacity.
This week all major Australian Banks announced a .25% increase in home loan rates in line with the Reserve Bank Interest Rates. Taking a $350,000, 25-year mortgage with a current interest rate of 7%, Mozo’s Rate Change Calculator shows this latest increase will mean a $57 a month increase in repayments for homeowners. The calculator also provides homeowners with repayment amounts should rates rise .50% or .75%.
“It was the realisation that increased repayments will very much a reality for many Australians in the coming years that really drove home the need for more intuitively designed calculators,” added Mr Gamble. “The numbers really highlight how important it is for consumers to shop around for the best home loan rates and be cautious about extending themselves financially.”
The range of Mozo Financial Calculators include: Home Loans Calculators, Credit Card Debt Payments calculator, savings calculators and term deposit calculators.
**2009 SmartCompany WebAwards Finalist for Best Online Tool.